Uchumi battles to recover Sh2bn from landlords Uchumi had committed to open more than 20 outlets in Kenya in the mid-term and had reserved space in malls such as Centum-owned Two Rivers, Sarit Centre, Lake Basin Mall in Kisumu and Kenyatta University’s Unicity. The payments now…

Co-op Bank to borrow Sh10.7bn from IFC The Co-operative Bank of Kenya is set to receive Sh10.7 billion ($105 million) in long-term financing from the International Finance Corporation for onward lending to small and medium enterprises. IFC, the World Bank’s private lending arm, has disclosed its…

How Imperial Bank chief stole savers’ billions Imperial Bank’s former managing director Abdulmalek Janmohamed ran an elaborate fraud scheme that robbed the lender of Sh34 billion over a period of 13 years, forcing the central bank to shut it down earlier this month.. Mr Janmohamed siphoned…

StanChart’s net profit drops 36pc on bad loans  Standard Chartered Bank’s rising load of non-performing loans has pulled down its net profit for the six months to June by 36 per cent and seen the lender overtaken by two of its peers. With all six top-tier…

BOC Kenya chief Maria Msiska to leave after five years at helm Industrial gas producer BOC Kenya’s managing director Maria Msiska is set to leave after a five-and-a-half-year stint at the company. The Nairobi Securities Exchange-listed firm advertised her position Wednesday, signalling its intention to…

IFC eyes 11pc in Kenya Re partly owned reinsurer The International Finance Corporation (IFC) will acquire an 11 per cent stake in Zep-Re, in a Sh1.9 billion deal. Kenya Re, which is opposing this share purchase, has its shareholding in Zep Re shrunk to 16 per cent from 20.7 per…